MIRA
INFORM REPORT
|
Report Date : |
30.08.2013 |
IDENTIFICATION DETAILS
|
Name : |
BANCO PRODUCTS ( |
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|
|
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Registered
Office : |
Bil, Near
Bhaili Railway Station, |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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|
|
|
Date of
Incorporation : |
16.03.1961 |
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|
Com. Reg. No.: |
04-001039 |
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Capital
Investment / Paid-up Capital : |
Rs.143.037
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L51100GJ1961PLC001039 |
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|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
BRDB00588A |
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|
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PAN No.: [Permanent Account No.] |
AAACB8630L |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on the
Stock Exchanges. |
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Line of Business
: |
Manufacturer and Seller of Radiators. |
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No. of Employees
: |
300 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (62) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
Maximum Credit Limit : |
USD 13500000 |
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|
Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and a reputed company having fine track record. There appears sharp dip in its profits during 2013. However, financial position of the company appears to be sound. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered good for business dealings
at usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INDIAN ECONOMIC OVERVIEW
We are living in a
world where volatility and uncertainty have become the New Normal. We saw
a change of government in countries like Tunisia, Egypt, Libya and Vietnam.
Once powerful countries in Europe are now fighting for bankruptcy. We have
taken growth in the developing part of the world for granted but economic
growth in China and India has begun to slow. Companies that were synonymous
with their product categories just a few years ago are now no longer in
existence. Kodak, the inventor of the digital camera had to wind up its
operations, HMV, the British entertainment retailing company and Borders, once
the second largest bookstore have shut down due to their inability to evolve
their business models with the changing time. Readers’ Digest, Thomson Register
are no more !
There is another
megatrend happening. The World order is changing as economic power shifts from
West to East. According to McKinsey study, it took Britain more than 100 years
to double its economic output per person during its industrial revolution and
the US later took more than 50 years to do the same. More than a century later,
China and India have doubled their GDP per capital in 12 and 18 years
respectively. By 2020, emerging Asia will become the world’s largest consuming
block, overtaking North America.
The years after the outbreak
of the global financial crisis, the world economy continues to remain fragile.
The Indian economy demonstrated remarkable resilience in the initial years of
the contagion but finally lost ground last year. GDP growth slowed down.
Currency has been weakening. There is a marked deceleration in agriculture,
industry and services. Dampening sentiment led to a cut-back in investment as
well as private consumption expenditure. Inflation remained at high
levels fuelled by the pressure from the food and fuel sectors. The large fiscal
and current account deficit s continued to cause grave concern. It is
imperative that India regains its growth trajectory of 8-9 % sooner than later.
This is crucially important given the need to create gainful livelihood opportunities
for the millions living in poverty as also the large contingent of young people
joining the job market every year.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Commercial Paper : “A1+” |
|
Rating Explanation |
Very strong degree of safety and lowest credit risk. |
|
Date |
December, 2012 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION PARTED BY (GENERAL DETAILS)
|
Name : |
Ms. Dipti Sharma |
|
Designation : |
Account Department |
|
Contact No.: |
91-265-2680220 |
|
Date : |
28.08.2013 |
LOCATIONS
|
Registered
Office / Factory 1 : |
Bil, Near
Bhaili Railway Station, |
|
Tel. No.: |
91-265-2680220 / 2680221 / 2680222 / 2680223 / 3097100 |
|
Fax No.: |
91-265-2680433 |
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E-Mail : |
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Website : |
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Location: |
Owned |
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Factory 2: |
At
Ankhi, Taluka Jambusar, District Bharuch, Gujarat, India (upto
30.03.2012) |
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Factory 3: |
At
Zone No.11, Holding No.1, Birsanagar, |
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Other Factory
: |
Located at · Rudrapur Waghodia (SEZ Unit) |
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Corporate
Office : |
Post |
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Tel No.: |
91-265-2680220/1/2/3 |
DIRECTORS
As on 31.03.2013
|
Name : |
Mr. Vimal K. Patel |
|
Designation : |
Chairman and Whole Time Director |
|
Date of Appointment : |
15.04.1986 |
|
DIN No.: |
00161625 |
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|
|
Name : |
Mr. Mehul Kanubhai Patel |
|
Designation : |
Vice - Chairman and Managing Director |
|
Date of Appointment : |
08.02.1990 |
|
DIN No.: |
01772099 |
|
|
|
|
Name : |
Mr. Samir K. Patel |
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Designation : |
Director |
|
Date of Appointment : |
25.09.1983 |
|
DIN No.: |
00161448 |
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|
|
Name : |
Mr. Atul G. Shroff |
|
Designation : |
Director |
|
Date of Birth/Age : |
23.12.1947 |
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Qualification : |
Matriculation |
|
Date of Appointment : |
15.04.1986 |
|
DIN No.: |
00019645 |
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|
|
Name : |
Ram Devidayal |
|
Designation : |
Director |
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|
Name : |
Mr. Mukesh D Patel |
|
Designation : |
Director |
|
Date of Appointment : |
27.03.2009 |
|
DIN No.: |
00009605 |
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|
|
|
Name : |
Mr. Sudesh Kumar Duggal |
|
Designation : |
Director |
|
Date of Appointment : |
23.09.2009 |
|
DIN No.: |
00566943 |
|
|
|
|
Name : |
Mr. Manubhai Gokalbhai Patel |
|
Designation : |
Director |
|
Date of Birth/Age : |
28.07.1934 |
|
Qualification : |
B.Com., LL.B., FCA |
|
Date of Appointment : |
07.11.2009 |
|
DIN No.: |
00001662 |
|
|
|
|
Name : |
Mr. Shailesh Anantrai Thakker |
|
Designation : |
Executive Director and CFO |
|
Date of Appointment : |
19.07.2008 |
|
DIN No.: |
02271833 |
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|
|
|
Name : |
Mr. Kiran Kumar Shetty |
|
Designation : |
Executive Director |
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Date of Birth/Age : |
10.06.1970 |
|
Qualification : |
Bachelor of Technology |
|
Date of Appointment : |
31.07.2010 |
|
DIN No.: |
03129699 |
KEY EXECUTIVES
|
Name : |
Mr. Dinesh Dattatraya Kavthekar |
|
Designation : |
Secretary |
|
PAN No.: |
ACGPK8852L |
|
Date of Appointment : |
22.08.2006 |
|
|
|
|
Name : |
Ms. Dipti Sharma |
|
Designation : |
Account Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.06.2013
|
Category of
Shareholder |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
18072763 |
25.27 |
|
|
3567269 |
4.99 |
|
|
3567269 |
4.99 |
|
|
21640032 |
30.26 |
|
|
|
|
|
|
26909960 |
37.63 |
|
|
26909960 |
37.63 |
|
Total shareholding of Promoter and Promoter Group (A) |
48549992 |
67.88 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
1793411 |
2.51 |
|
|
2000 |
0.00 |
|
|
173220 |
0.24 |
|
|
3089640 |
4.32 |
|
|
3089640 |
4.32 |
|
|
5058271 |
7.07 |
|
|
|
|
|
|
1329946 |
1.86 |
|
|
|
|
|
|
10463896 |
14.63 |
|
|
1841309 |
2.57 |
|
|
4275236 |
5.98 |
|
|
70971 |
0.10 |
|
|
578903 |
0.81 |
|
|
3624362 |
5.07 |
|
|
1000 |
0.00 |
|
|
17910387 |
25.04 |
|
Total Public shareholding (B) |
22968658 |
32.12 |
|
Total (A)+(B) |
71518650 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
71518650 |
100.00 |
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%20LIMITED%20-%20233996%2030-Aug-2013_files/image003.gif){kind=small}
%20LIMITED%20-%20233996%2030-Aug-2013_files/image004.gif){kind=small}
Shareholding of securities
(including shares, warrants, convertible securities) of persons belonging to
the category Promoter and Promoter Group
|
Name of Shareholder |
No. of Shares |
Percentage of Holding |
|
Vimal K Patel |
55,72,836 |
7.79 |
|
Samir K Patel |
50,16,997 |
7.01 |
|
Mehul K Patel |
56,15,382 |
7.85 |
|
Hasumati K Patel |
18,67,548 |
2.61 |
|
Overseas Pearl Limited |
2,69,09,960 |
37.63 |
|
Pritty V Patel |
11,82,085 |
1.65 |
|
Monal S Patel |
11,82,806 |
1.65 |
|
Gayatri M Patel |
12,02,378 |
1.68 |
|
Total |
4,85,49,992 |
67.88 |
Shareholding of
securities (including shares, warrants,
convertible securities) of persons belonging to the category Public and holding
more than 1% of the total number of shares
|
Name of Shareholder |
No. of Shares |
Percentage of Holding |
|
Bhartibala R Patel |
990000 |
1.38 |
|
Palate Star Inv Limited |
900000 |
1.26 |
|
Japan Metal Gaskets Company Limited Japan |
2189040 |
3.06 |
|
ICICI Prudential Midcap |
1277137 |
1.79 |
|
Total |
5356177 |
7.49 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Seller of Radiators. |
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Terms : |
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Selling : |
L/C and Credit |
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Purchasing : |
L/C and Credit |
GENERAL INFORMATION
|
Customers : |
End Users and OEM’s · Yamaha Bajaj Honda TVS Maruti Suzuki Hero Honda TATA Ashok Leyland Mahindra |
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No. of Employees : |
300 (Approximately) |
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Bankers : |
· State Bank of India - Industrial Finance Branch Lead Bank, Mid Corporate Group Industrial Finance Branch, Marble Arch, Race Course Circle, Vadodara - 390007, Gujarat, India Tel. No.: 91-265-2339905 HDFC Bank Limited, HDFC Bank Housesenapati Bapat Marg,
Lower Parel (West), Mumbai - 400013, Maharashtra, India Standard Chartered Bank, Abhijeet II, Ground Floor, Near
Mithakali Six Roads, Ahmedabad - 380006, Gujarat, India Bank of Baroda |
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Facilities : |
NOTE : LONG TERM
BORROWINGS * Foreign currency term loan carries interest@ 3M LIBOR plus 2%. The loan is repayable within 4 years on quarterly installments. The loan is secured by hypothecation of specific movable assets of the company by way of first charge. # Indian rupees term loan from bank carries interest @ 10.75% p.a. The loan is repayable within 2 years on quaraterly installments, from the date of loan, viz. 30th January 2013.The loan is secured by hypothecation of specific movable assets of the company by way of first charge. SHORT TERM BORROWINGS i) Cash credit loans are secured against first charge on pari passu basis by way of hypothecation of the current assets both present and future in favour of participating scheduled banks ii) Short term loans from bank carries interest rate @ 9% to 12% p.a. during the year. iii) foreign currency buyer credit and packing
credits are repayable within 90 to 180 days and carries interest @ LIBOR plus
2% to 3%. |
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Banking
Relations : |
-- |
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|
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|
Auditors : |
|
|
Name : |
Shah and Company Chartered Accountants |
|
Address : |
Shah and Company Chartered Accountants, Maker Bhavan No. 218, New Marine Line, Mumbai, Maharashtra, India |
|
PAN.: |
AABFS2985F |
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Subsidiary
companies : |
· Banco Gaskets (India) limited – 100% Lake Mineral (Mauritius) Limited- 100% Nederlandse Radiateuren Fabriek Ltd-100% |
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|
|
|
Indirect subsidiary
company |
Kilimanjaro Biochem Limited |
|
|
|
|
Associates- under
common control : |
Banco Aluminium Limited |
CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
152000000 |
Equity Shares |
Rs.2/- each |
Rs.304.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
71519000 |
Equity Shares |
Rs.2/- each |
Rs.143.037
Millions |
|
|
|
|
|
Reconciliation of the number of shares outstanding at the begining and at the end of the reporing period
|
Particulars |
As at 31st March 2013 |
|
|
No. of Share (In Millions) |
|
Balance at the beginning of the year |
71.519 |
|
Addition during the year |
-- |
|
Deletion during the year |
-- |
|
Balance at the end
of the year |
71.519 |
|
|
|
|
|
Share Capital (Rs. in Millions) |
|
Balance at the beginning of the year |
143.037 |
|
Addition during the year |
-- |
|
Deletion during the year |
-- |
|
Balance at the end
of the year |
143.037 |
Terms/rights attached
to each equity share
The company has only one class of share referred to as equity share having a par value of Rs. 2 per share. Each holder of equity share is entitiled to one vote per share. The company declares and pays dividend in Indian rupees.Payment of dividend is also made in foreign currency to shareholders outside India. The dividend proposed by the board of directors is subject to approval of the shareholders in the ensuring annual general meeting.
Aggregate number
of bonus shares issued, shares issued for consideration other than cash and
shares bought back during the period of five years immediately preceding the
reporting date.
|
Particulars |
As at 31st March 2013 |
|
|
(Rs. In Millions) |
|
Equity shares of Rs. 2 each allotted as fully paid up bonus shares by capitalising general reserve |
59.095 |
|
Equity shares of Rs. 2 each allotted as fully paid up in terms of amalgamation without payment being received in cash. |
9.945 |
Share in the company held by each
shareholder holding more than 5% shares specifying the no. of shares
|
Particulars |
As at 31st March 2013 |
|
|
No. in Millions (Holding in %) |
|
Vimal K.Patel |
5.573 (7.79%) |
|
Samir K.Patel |
5.017 (7.01%) |
|
Mehul K.Patel |
5.615 (7.85%) |
|
Overseas Pearl Limited |
26.910 (37.63%) |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
143.037 |
143.037 |
143.037 |
|
(b) Reserves & Surplus |
3224.518 |
3022.842 |
2505.611 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
3367.555 |
3165.879 |
2648.648 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
387.466 |
458.672 |
1.260 |
|
(b) Deferred tax liabilities (Net) |
103.412 |
81.432 |
97.408 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.242 |
|
(d) long-term provisions |
14.542 |
7.067 |
8.464 |
|
Total Non-current Liabilities (3) |
505.420 |
547.172 |
107.374 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
969.762 |
553.417 |
1128.002 |
|
(b) Trade payables |
277.801 |
338.933 |
331.350 |
|
(c) Other current
liabilities |
332.827 |
259.966 |
84.790 |
|
(d) Short-term provisions |
154.118 |
209.283 |
318.190 |
|
Total Current Liabilities (4) |
1734.508 |
1361.599 |
1862.332 |
|
|
|
|
|
|
TOTAL |
5607.483 |
5074.650 |
4618.354 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
1241.611 |
926.867 |
1037.191 |
|
(ii) Intangible Assets |
17.591 |
7.058 |
18.667 |
|
(iii) Capital
work-in-progress |
24.189 |
22.069 |
0.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
1806.462 |
1297.137 |
1294.358 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
472.413 |
494.527 |
51.393 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
3562.266 |
2747.658 |
2401.609 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
8.537 |
20.863 |
24.685 |
|
(b) Inventories |
922.787 |
758.443 |
1039.776 |
|
(c) Trade receivables |
904.560 |
781.972 |
946.002 |
|
(d) Cash and cash
equivalents |
20.114 |
85.765 |
85.934 |
|
(e) Short-term loans and
advances |
189.219 |
679.949 |
120.348 |
|
(f) Other current assets |
0.000 |
0.000 |
0.000 |
|
Total Current Assets |
2045.217 |
2326.992 |
2216.745 |
|
|
|
|
|
|
TOTAL |
5607.483 |
5074.650 |
4618.354 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations |
4377.713 |
5441.244 |
4678.801 |
|
|
|
Other Operative Income |
79.420 |
100.359 |
-- |
|
|
|
Other Income |
86.824 |
301.641 |
22.574 |
|
|
|
TOTAL (A) |
4543.957 |
5843.244 |
4701.375 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
2630.594 |
3175.504 |
2630.742 |
|
|
|
Changes in inventories of finished goods, work-in-progress and stock-in-trade |
(58.985) |
28.006 |
(75.913) |
|
|
|
Employee benefit expense |
248.844 |
253.230 |
208.147 |
|
|
|
Other expenses |
995.630 |
1227.373 |
977.301 |
|
|
|
Exceptional items |
0.000 |
(3.951) |
0.000 |
|
|
|
TOTAL (B) |
1816.083 |
4680.162 |
3740.277 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
2727.874 |
1163.080 |
961.098 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
86.899 |
79.530 |
87.180 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
2640.975 |
1083.550 |
873.918 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
157.379 |
152.709 |
129.682 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
483.596 |
930.841 |
744.236 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
2135.085 |
206.524 |
155.935 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
348.511 |
724.317 |
588.301 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Exports at FOB Value |
1281.656 |
1275.136 |
1233.303 |
|
|
|
Interest on loans |
24.963 |
22.900 |
-- |
|
|
|
Others- Tooling |
6.189 |
2.562 |
-- |
|
|
TOTAL EARNINGS |
1312.808 |
1300.598 |
1233.303 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
1014.405 |
996.603 |
1060.407 |
|
|
|
Stores & Spares |
24.943 |
30.236 |
34.041 |
|
|
|
Capital Goods |
69.203 |
78.545 |
139.971 |
|
|
TOTAL IMPORTS |
1108.551 |
1105.378 |
1234.419 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
4.87 |
10.07 |
8.23 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
7.67
|
12.40 |
12.51 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
11.05
|
17.11 |
15.91 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
12.80
|
24.79 |
22.39 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.14
|
0.29 |
0.28 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.40
|
0.32 |
0.43 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.18
|
1.71 |
1.19 |
LOCAL AGENCY FURTHER INFORMATION
CURRENT
MATURITIES OF LONG TERM DEBTS
|
Particulars |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
(Rs. In Millions) |
||
|
|
|
|
|
|
Current maturities of long-term debt |
199.985 |
105.848 |
0.000 |
|
|
|
|
|
|
Total |
199.985 |
105.848 |
0.000 |
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
Yes |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm
/ promoter involved in |
----- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
----- |
|
26] |
Buyer visit details |
----- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10403548 |
22/01/2013 |
100,000,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI - 400013, MAHARASHTRA, INDIA |
B68333483 |
|
2 |
10308542 |
02/09/2011 |
240,000,000.00 |
CITIBANK N.A |
1ST FLOOR, PELICAN BUILDING, OPPOSITE RACE COURSE TOWERS, GOTRI ROAD, VADODARA - 390007, GUJARAT, INDIA |
B21718382 |
|
3 |
10298321 |
19/06/2012 * |
664,300,000.00 |
STANDARD CHARTERED BANK |
ABHIJEET II, GROUND FLOOR, NEAR MITHAKALI SIX ROADS, AHMEDABAD - 380006, GUJARAT, INDIA |
B42111518 |
|
4 |
80023456 |
21/06/2012 * |
650,000,000.00 |
STATE BANK OF INDIA - LEAD BANK |
MID CORPORATE GROUP
INDUSTRIAL FINANCE BRANCH, MARBLE ARCH, RACE COURSE CIRCLE, VADODARA - |
B42009746 |
* Date of charge modification
UNSECURED LOANS
|
PARTICULARS |
31.03.2013 (Rs.
in Millions) |
31.03.2012 (Rs.
In Millions) |
|
SHORT TERM
BORROWINGS |
|
|
|
Loans repayable on
demand from Banks |
|
|
|
Foreign currency loan-packing credit |
124.580 |
79.229 |
|
Foreign currency loan-buyer’s credit |
37.027 |
15.610 |
|
Short-term loan from banks |
430.000 |
130.000 |
|
Others- unsecured |
|
|
|
Deposits from public |
0.000 |
1.260 |
|
Total |
591.607 |
226.099
|
CORPORATE INFORMATION
Subject is a public company domiciled in India and incorporated under the Companies Act, 1956. Equity shares of the company are listed on two stock exchanges in India. The Company is engaged in manufacturing and selling of radiators. The company caters to both domestic and international market.
SUBSIDIARIES:
Nederlandse Radiateuren Fabriek B.V –
Netherlands
Nederlandse Radiateuren Fabriek B.V. Netherlands, and its subsidiaries, are engaged in the business of manufacturing and distribution of heat transfer products. During the Year , the Company has taken ma ny initiatives in areas of productions , marketing and other operational areas. They expect that these initiatives will yield results in time to come which has resulted in to improvement in the performance of current Financial Year.
Lake Mineral (Mauritius) Limited —
Mauritius
A wholly Owned subsidiary viz Lake Mineral (Mauritius) Limited was incorporated during the Year ended on 31.03.2012 and is in operations.
Banco Gaskets (India) Limited – Vadodara
In terms of the requisite approvals of shareholders, the Gasket Divisions of the Company is transferred to its Own Subsidiary Company viz. Banco Gaskets (India) Limited w.e.f. 31.03.2012.
In terms of the Circular No. No: 5/12/2007-CL-III dated 08.02.2011 and subsequent clarification in this regard issued by Ministry of Corporate Affairs , the Balance Sheet and Profit and Loss Account and other documents of these subsidiaries are not attached with Balance Sheet of this Company. However, the Financial Summary, as required, is included and forms part of this Report. The Annual Accounts and other Financial information related to subsidiaries shall be made available to any member on request and the same are available open for inspection at the Registered Office of the Company and that of respective subsidiaries.
The accounts of the subsidiaries are consolidated with the accounts of the Company in accordance with the applicable Accounting Standards. The consolidated accounts and the consolidated financial information of the subsidiaries from part of the Annual Report.
MANAGEMENT DISCUSSION
AND ANALYSIS
Introduction:
Banco Products (India) Limited has been in the business of manufacturing Radiators since last five decades. These products are considered critical components in sealing and cooling applications of Automotive, Power, Earth moving and Industrial engines.
Industry Structure and Developments:
The Automobile Industry in India has not done very well during the last Financial Year ended on 31.03.2013 due to global and domestic subdued Economic conditions, fluctuating crude Oil, volatile Forex and ri sing domestic inflation.
This has resulted in to lower sales performance of the company resulting in substantial reduction in the overall sales volume/ profits for full year ended on 31.03.2013.
Operations:
The Company has a very sound and integrated manufacturing facilities which have been upgraded and are supported by sophisticated Research and Development facilities for new projects OEM customers need.
FUTURE STRATEGY:
It is clear that the Company’s future has to be built upon its existing strengths and over five deca des of proven skills in cooling and sealing business. Fast development of new products, very high quality customer - satisfaction-management is a thrust area. The Company has been developing new markets both in India and abroad, substantially broad basing export sales, penetrating existing markets and launching new prod ucts and building ‘Banco’ brand too. In addition, there is an increased focus on achieving greater efficiency through cost reduction initiatives and better supply chain management. It is expected that the transfer of Gasket Division to its Own Subsidiary will get focused attention of respective management to both main lines of Products viz. Radiators.
CONTINGENT
LIABILITIES:
(Rs. in millions)
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
|
Service tax and excise duty demand |
26.144 |
54.164 |
|
Sales tax |
4.806 |
2.496 |
|
Letter of credit outstanding |
12.554 |
75.468 |
|
Counter guarantees given to the banks in respect of various Guarantees issued by the banks to third parties |
286.116 |
248.113 |
|
Claims from employees and former employees amount uncertainable |
-- |
-- |
|
Other claims against the company not acknowledged as debts amount uncertainable |
-- |
-- |
Note:
The company is contesting the demands and the management, including its tax advisor, believes that its position is likely to be upheld in the appellate process. No tax expenses have been accrued in the financial statements for the demands raised as above. The management believes that the ultimate outcome of this proceeding will not have a material adverse effect on the company’s financial position and result of operations.
UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER ENDED ON 30.06.2013
(Rs. In millions)
|
Particulars |
|
Standalone |
|
|
|
Quarter Ended 30.06.2013 |
||
|
|
(Unaudited) |
||
|
Income from operations |
|
|
|
|
|
Net sales
/ income from operations (Net of excise duty) |
|
1243.600 |
|
Other
operating Income (Net) |
|
26.200 |
|
|
Total Income from Operations |
|
1269.800 |
|
|
Expenses |
|
|
|
|
|
Cost
of materails consumed |
|
743.100 |
|
Purchase
of stock-in-trade |
|
-- |
|
|
Changes
in inventories of finished goods,
work-in-progress and stock-in-trade |
|
(6.200) |
|
|
Employee
benefits expenses |
|
66.300 |
|
|
Depreciation
and amortization expenses |
|
41.800 |
|
|
Other
expenses |
|
278.700 |
|
|
Total expenses |
|
1123.700 |
|
|
Profit / (Loss) from operations
before other income, finance costs and exceptional items |
|
146.100 |
|
|
Other
income |
|
167.700 |
|
|
Profit / (Loss) from ordinary
activities before finance costs and exceptional items |
|
313.800 |
|
|
Finance
cost |
|
26.800 |
|
|
Profit / (Loss) from ordinary
activities after finance costs but before exceptional items |
|
288.000 |
|
|
Exceptional
items |
|
-- |
|
|
Profit / (Loss) from ordinary
activities before tax |
|
288.000 |
|
|
Tax
expenses |
|
64.100 |
|
|
Net Profit / (Loss) from ordinary
activities after tax |
|
223.900 |
|
|
Extraordinary
items (Net of expenses Rs. Nil Lakhs) |
|
-- |
|
|
Net Profit / (Loss) for the period |
|
223.900 |
|
|
Share
of profit / (loss) of associates |
|
-- |
|
|
Minority interest |
|
-- |
|
|
Net Profit / (Loss) after taxes,
minority interest and share of |
|
223.900 |
|
|
Paid-up equity share capital |
|
143.000 |
|
|
Reserves
excluding Revaluation Reserve |
|
-- |
|
|
Earning per share (before
extraordinary items) (of
Rs. 2 /- each) (not ]annualised): |
|
|
|
|
Basic |
|
3.13 |
|
|
Diluted |
|
3.13 |
|
|
Earning per share (after
extraordinary items) |
|
|
|
|
Basic |
|
3.13 |
|
|
Diluted |
|
3.13 |
|
|
Particulars |
|
Standalone |
|
|
|
Quarter Ended 30.06.2013 |
||
|
|
(Unaudited) |
||
|
PARTICULARS
OF SHAREHOLDING |
|
|
|
|
Public
Shareholding |
|
|
|
|
- |
Number of shares |
|
22968658 |
|
- |
Percentage of shareholding |
|
32.12 |
|
Promoters and Promoters
Group Shareholding |
|
|
|
|
|
Pledged / Encumbered |
|
|
|
- |
Number of shares |
|
|
|
|
Percentage of shareholding (as
a % of the tota] shareholding of promoter and
promotor group) |
|
|
|
|
Percentage of shareholding (as a % of the total share capital of of
the Company) |
|
|
|
|
Non - Encumbered |
|
|
|
|
Number of shares |
|
48549992 |
|
|
Percentage of shareholding (as
a % of the tota! shareholding of promoter and
promotor group) |
|
100.00 |
|
|
Percentage of shareholding (as a % of the total share capital of of
the Company) |
|
67.88 |
|
Particulars |
3
Months ended (30.06.2013) |
|
Investor Complaints (Nos.) |
|
|
Pending
at the beginning of the quarter |
- |
|
Received
during the quarter |
- |
|
Disposed
of during the quarter |
- |
|
Remaining
under solved ar the end of quarter |
- |
Note:
1. Previous period figures are regrouped recast wherever necessary.
2. The company is engaged in Automobile Ancillary business only and therefore reporting under AS – 17 is not required.
3. The Board of Directors has decided Book Closure from 12.09.2013 to 21.09.2013 (Both days inclusive) for entitlement of the Shareholders of the Dividend for the Financial Year ended on 31.03.2013, subject to approval by shareholders in the ensuring Annual General Meeting.
4. The Consolidated accounts have been prepared in due compliance of applicaple Accounting Standards as per Companies Accounting Standard Rules, 2006.
5. The Statutory Auditors of the Company have carried out limited review of the above results and the same have been reviewed by the Audit Committee and taken on record by the Board of Directors of the Company at their respective meetings held on 29.07.2013.
6. The company did not receive any complaint during the Quarter ended on 30.06.2013 and accordingly there is no complaint pending as on 30.06.2013.
FIXED ASSETS
v
Tangible
Assets
Leasehold
Land
Freehold
Land
Buildings
Plant
and Equipments
Furniture
and Fixtures
Vehicles
Office
Equipment
v
Intangible Assets
Software
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on Corporate
Governance to identify management and governance. These factors often have been
predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.67.71 |
|
|
1 |
Rs.105.14 |
|
Euro |
1 |
Rs.90.03 |
INFORMATION DETAILS
|
Information Gathered
by : |
PLK |
|
|
|
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
62 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NB |
NEW BUSINESS |
||
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.